It hopes to reach a market with higher spending power.
It seems that China may be acquiring a taste for Jumbo, as the food and beverage (F&B) company announced that it is opening a third restaurant in Shanghai.
The brand new branch is located at Shanghai International Finance Center (IFC), Pudong, and occupies a floor space of about 650 metres. With the Shanghai IFC’s two office towers, luxury hotel and serviced suite hotel, Jumbo will be able to reach out to the financial and business community with higher spending power and discerning tastes.
With this, Jumbo expects its latest branch to bolster the company’s revenue contribution from the People’s Republic of China (PRC).
“We will also focus on building a strong local middle-management in Shanghai, and use our experience in Shanghai as a springboard into the rest of the PRC,” stated Jumbo CEO and Executive Chairman Ang Kiam Eng.
Including Jumbo IFC, the company now has three restaurants in Shanghai. Jumbo said that looking ahead, it plans to establish at least three more F&B outlets in the PRC and/or Singapore within the next two years. It stated that it will also continue to explore acquisitions, joint ventures, or strategic alliances with parties that can strengthen Jumbo’s market position and expand its F&B network.
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